Draft:Buyofuel
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Last edited by Sumanthselvarasu (talk | contribs) 16 hours ago. (Update) |
| Type | Private |
|---|---|
| Industry | Biofuel, Online marketplace |
| Founded | 2020 |
| Founders | Kishan Karunakaran, Venkateswaran Selvan, Prasad P. Nair, Sumanth Kumar Selvarasu |
| Headquarters | , India |
| Key people | Kishan Karunakaran (CEO) |
| Website | buyofuel |
Buyofuel (legally Buyo India Private Limited) is an Indian business-to-business online marketplace for biofuels and the waste materials used to produce them. The company is headquartered in Coimbatore, Tamil Nadu, and was founded in 2020.[1]
History
[edit]Buyofuel was launched in 2020 by Kishan Karunakaran together with Venkat Selvan, Sumanth Kumar and Prasad P. Nair.[1] Karunakaran had previously worked in the biofuel sector, including running a biodiesel manufacturing unit.[2]
In November 2022, the company raised over ₹11.5 crore in a pre-Series A round led by Inflection Point Ventures, with participation from Venture Catalysts, LetsVenture, Lead Angels Fund and Gruhas Proptech. The company said the funds would be used for geographic expansion and product and technology development.[3]
Operations
[edit]Buyofuel operates a platform that connects three groups: generators and aggregators of waste suitable as biofuel feedstock, biofuel manufacturers, and industrial fuel consumers.[1] Feedstocks traded include used cooking oil, tyre and rubber waste, agricultural residue, sawdust and plastic waste.[1] Products include solid biofuels such as briquettes and pellets, liquid fuels such as biodiesel, and gaseous fuels.[2]
The company earns revenue from the sale of biofuels rather than subscription fees.[1] Many products are manufactured on demand, so the company does not hold significant inventory.[2] In 2023 Entrackr reported that the company operated across seven states, including Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Maharashtra and Goa.[2]
Customers reported in the press include companies in the cement, steel, pharmaceutical, paper and food sectors, such as JSW, Ramco Cements, Dalmia Cement, TVS Tyres and Thermax.[3][1]
Financial performance
[edit]Entrackr reported revenue of ₹78,000 in the company's first year, about ₹56 lakh in FY2021, and around ₹20 crore in FY2022–23.[2] In April 2025, the company reported revenue of over ₹100 crore for the 2024–25 financial year, and said it had reached positive EBITDA in the third quarter of that year.[4][5]
References
[edit]- 1 2 3 4 5 6 "Meet Buyofuel, an online B2B marketplace with the aim to bridge the gaps in biofuel adoption". Forbes India. 21 August 2023.
- 1 2 3 4 5 "Buyofuel: A curated biofuel marketplace". Entrackr. 27 September 2023.
- 1 2 Gupta, Aryaman (17 November 2022). "Alternative fuel start-up Buyofuel raises Rs 11.5 cr in series A funding". Business Standard.
- ↑ "Indian biofuels e-marketplace reaches $11.7 million in revenue". Quantum Commodity Intelligence. 17 April 2025.
- ↑ "Buyofuel Crosses Rs 100 Cr Revenue Mark". BW Disrupt. April 2025.